On Tuesday when the American market opened the oil prices has decreased after it increased last time of Europe market trading for the third day respectively, increasing prices and KSA promise to support the market, but the prices returned to decreasing under the American energy proxy expectation of increasing the shale oil to new level in the next July, and the traders are waiting today for industrial data about the crude stocks in the United States.
At 12:10 GMT the American crude has backed down to the level 45.80 USD for the barrel from the opening level 46.14 USD and record the highest level 46.38 USD and the lowest level 45.76 USD.
And Brent crude has decreased to the level 48.10 USD for the barrel from the opening 48.34 USD for the barrel and record the highest level 48.64 USD and the lowest level 48.03 USD.
The American crude has ended yesterday trading with an increasing by 0.2%, in a second daily gain respectively, and Brent contracts have increased by 0.1%, in a recovery from the lowest level in five weeks.
Oil prices have losses last week by 3.8%, in third weekly losses respectively, and record the lowest level in five weeks, because of increased the fears about lots of displays in the United States.
The Saudi energy minister Khalid AL-Falih in the press conference in Kazakhstan with his Russian counterpart Alexander Novak said that the international crude stocks will stable at five years average before the end of the year, and his country will amend its policy if decreasing the production will not be the desired effect.
According to some sources, KSA will decrease exporting crude “July delivery” by 600 thousand barrels from the beginning of this month and will decrease the exporting to the United States by 300 thousand barrels.
With the continued of increasing the drilling rigs in the shale oil fields zone in the United States, the American energy proxy expected increases in the country by 5.48 million barrels daily in shale oil production to the new level in the next July.
And about oil production in Libya, this week has returned to 820 thousand barrels daily “the highest level during four years” after it decreased to 618 thousand barrels last week, and the production running has back at the El-Sharara oil field.
Today an industrial data will be issued from the American oil Academy about the crude stocks in the United States, and tomorrow the official data will be issued by the American energy information management, and the expectation Leeds to a decreasing by 2.9 million barrels.